Impax Asian Environmental Mkts Plc Reconstruction Proposals (7597D)
01 Maggio 2013 - 2:31PM
UK Regulatory
TIDMIAEM TIDMIAES
RNS Number : 7597D
Impax Asian Environmental Mkts Plc
01 May 2013
Impax Asian Environmental Markets plc - Reconstruction
Proposals
The Board of Impax Asian Environmental Markets plc (the
"Company") announced on 17 April 2013 that it was considering
proposals to put to its Shareholders regarding the future of the
Company. Having canvassed the opinions of its largest Ordinary
Shareholders, and following a review of all the options available,
the Board has determined that the most appropriate course of action
would be to wind up the Company and offer Ordinary Shareholders the
choice of rolling over all or part of their investment into Impax
Asian Environmental Markets (Ireland) Fund ("IAEMI"), a sub-fund of
an open-ended investment entity managed by Impax Asset Management
with a broadly identical investment policy to that of the Company,
or realising all or part of their investment for cash.
It is anticipated that a circular will be sent to Shareholders
in approximately six weeks' time setting out the full terms of the
proposals, and convening general meetings of the Company at which
approval will be sought from Shareholders for implementation of the
proposals and for the Company to be placed into liquidation. All
proposals are subject to approval from Shareholders, and the
inclusion of IAEMI as a rollover vehicle is subject to completion
of the necessary due diligence by the Board and its advisers, and
receipt of the requisite tax clearance from HMRC.
While it is not proposed to realise all of the holdings in the
Company's portfolio at this stage, it is anticipated that at least
half of the Company's net assets will be held in cash or near cash
assets by the time of the first general meeting of Shareholders.
The Board has also asked the Company's Investment Manager to begin
to realise the less liquid stocks in the Company's portfolio in an
orderly fashion.
Subscription Shareholders will be entitled to receive an amount
out of the assets available in the liquidation as calculated
pursuant to Paragraph 3(h) of the Terms and Conditions of the
Subscription Shares. For the avoidance of doubt, this announcement
constitutes the first announcement of the proposed convening of a
meeting at which a resolution for the winding-up of the Company
will be considered for the purposes of Paragraph 3(h)(i) of the
Terms and Conditions of the Subscription Shares.
A further announcement giving full details of the proposals will
be made in due course at the time of publication of the circular to
Shareholders.
Enquiries
Allan McKenzie 020 7490 4355
Chairman
David Yovichic 020 7523 8361
Canaccord Genuity
This information is provided by RNS
The company news service from the London Stock Exchange
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